Here’s how advisers can help when you really need it

Here’s how advisers can help when you really need it

Alex Burke

Not long ago, we discussed the benefits of getting financial advice in light of a looming economic downturn.

But even putting talk of a recession aside, what happens when you find yourself unable to work? What if you sustain an injury? We understandably never want to think about how we’d navigate these issues – or how we’d protect our families – but that’s where an adviser can come in.

The chief retail insurance officer at AIA Australia, Pina Sciarrone, explains that an adviser’s role is to “consider a person’s individual circumstances, in terms of their debt levels, income levels and goals. What they then need to do is say, ‘Let’s paint a picture. And if that picture doesn’t look so great, let’s paint another picture where you and your family are protected.’”

It’s actually easier for an adviser to do this than you might think – even down to your individual circumstances – because, as Pina explains, “they’ve actually developed this amazing library.”

“They can use those success stories with their new and existing clients,” she adds. “There’s such a power in doing that – for example, in the event you were to have something like cancer or a heart attack, if something affected your income, what would happen?”

Advisers can then “identify the gaps where insurance might come into play.”

After that, should the unthinkable occur, advisers can be a huge help at claim time. In those cases, Pina says, “the role of the adviser is so important. Not only can they assist the client in navigating the paperwork, but with income protection, for example, it’s an ongoing claim payment. There’s ongoing requirements that must be met to continue to pay that income on a monthly basis.”

If you’re considering whether or not you need cover – and if so, how much – it’s worth talking to an adviser about it so as to get the help you need.

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